Tango Shares Surge After 92% Response in Pancreatic Trial

Tango Therapeutics shares jumped 51% on Monday after the company reported a 92% objective response rate in 11 of 12 evaluable pancreatic cancer patients treated with vopimetostat combined with Revolution Medicines’ daraxonrasib in an ongoing Phase 1/2 study.

The update, presented on a conference call, covers an early-stage trial testing vopimetostat paired with daraxonrasib and, in a separate arm, with zoldonrasib. The study enrolled patients with advanced MTAP-deleted, RAS-mutant metastatic pancreatic ductal adenocarcinoma and included a small cohort of non-small cell lung cancer patients.

In the pancreatic cancer cohort treated with vopimetostat plus daraxonrasib, investigators reported tumor shrinkage or disappearance in 11 of 12 evaluable participants. The company reported six-month progression-free survival of 90% and disease control of 100% in that group.

In the arm combining vopimetostat with zoldonrasib, pancreatic cancer patients showed a 52% objective response rate, a 74% six-month progression-free survival rate and a 96% disease control rate. In the small non-small cell lung cancer cohort, the daraxonrasib combination produced responses in all treated patients, though participant numbers were limited.

Tango reported the combinations were generally well tolerated, with few serious adverse events and no treatment-related Grade 4 or Grade 5 events observed.

On the conference call, CEO Malte Peters described the results as having “dramatically exceeded our expectations” and said the company’s primary focus is to advance the vopimetostat and daraxonrasib combination in pancreatic cancer.

Analysts reacted with rating changes and higher price targets. Wolfe Research upgraded its rating to Outperform from Peer Perform and set a $35 price target, raising its unadjusted global peak sales estimate for vopimetostat to about $2.6 billion from $1.9 billion and increasing its probability of success. Mizuho kept an Outperform rating and raised its price target to $36 from $30. B. Riley Securities raised its price target to $35 from $21 and maintained a Buy rating, describing the 92% response rate as “unprecedented.” FactSet data cited by analysts show an average price target near $35 and an average Buy rating for Tango.

Tango said the results support plans to advance the vopimetostat-plus-daraxonrasib combination into a larger Phase 3 study, targeting potential first-line, chemotherapy-free testing in newly diagnosed pancreatic cancer patients by the end of 2026. The company also noted upcoming data readouts for vopimetostat as a single agent in lung cancer and for its TNG456 program in glioblastoma.

The company and analysts cautioned that the study is small and lacks a randomized control group. Larger, controlled trials will be required to confirm whether the high response rates and six-month progression-free survival observed in this update can be replicated.